Weekly Features

AAA: West Virginia Gas Prices Increase as Regional States Begin to Re-Open

 The average price of gasoline across Northern West Virginia is eight cents higher this week at $1.794 per gallon, according to AAA East Central’s Gas Price Report.

   The Mid-Atlantic and Northeast region is seeing the least volatility in the country at the pump. On the week, gas prices increased or decreased no more than two cents, except in West Virginia (+6 cents), Maine (+6 cents) and North Carolina (+3 cents). All state gas price averages in the region are as much as 15 cents cheaper on the month and over a dollar less on the year.

   At the start of this week, averages range from $1.67 in North Carolina to $2.18 in Washington, D.C.

   For a second week, the Energy Information Administration (EIA) reports a draw in gasoline stocks in the region. For the week ending May 1, stocks dipped by nearly 2 million barrels to fall to 70.8 million. Regional refinery rates continue to increase too, up to 50%. Small gas price fluctuations are the likely trend motorists can expect to see in the week ahead.

   This week’s average prices: Northern WV Average                          $1.794

   Average price during the week of May 4, 2020                                  $1.710           

   Average price during the week of May 13, 2019                          $2.78

   The following is a list of the average prices in several West Virginia locations: 

$1.899      Bridgeport

$1.870      Clarksburg

$1.744      Huntington

$1.853      Martinsburg

$1.852      Morgantown

$1.751      Parkersburg

$1.714      Weirton

$1.667      Wheeling

   On the National Front

The national gas price average is six cents more expensive on the week at $1.84, but still three cents cheaper on the month and $1.02 less on the year. Regardless of the national increase, 40 states still have averages of $2.00 or less per gallon. Pump prices are fluctuating throughout the country as demand increases and gasoline stocks decrease.

   The EIA’s latest data report showed demand for gasoline increased by 800,000 barrels-per-day to 6.7 million last week, which is 3.2 million b/d less than last year at this time. As more states re-open to business, gas demand is expected to continue to grow, leading pump prices to continue their increase.

   At the end of Friday’s formal trading session, West Texas Intermediate increased by $1.19 to settle at $24.74 per barrel. Crude prices increased last week amid growing market optimism that crude demand is rebounding. For this week, crude prices may continue to rise if the market believes that crude oil inventories are beginning to rebalance. However, if crude storage levels continue to increase, crude prices could decline if the market continues to worry that the global market is oversupplied.

   Motorists can find current gas prices nationwide, statewide, and countywide at GasPrices.AAA.com.

   AAA East Central is a not-for-profit association with 78 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.  News releases are available at news.eastcentral.aaa.com.  Follow us on Twitter and Facebook.